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to say we did have the money toank get involved. that argument. >> detroit is now the>> largest u.s. city to file for bankruptcy. it cannot manage itself we're at the end of the road we cannot borrow any morewe money. >> what happened b? it was once prosperous nown s it is iraq. >> for $1,500 you can buyhn this house for years politicians could say they could fix d street. that is its. john: instead. >> they turned city hall into a den of bribes and kickbacks making themselves rich. john: is there hope for places like detroit? >> it will turn around the city of detroit. >> the motor city. this is will we do. john: what's up with detroit? can this happen to your town? that's our show tonight. ♪ >> and now john stossel. ♪ john: detroit was once the richest city in america. i was three years old and. that was the 1950's. now it's the biggest u.s. city ever to declare bankruptcy. so what happened? our guestsonight have some clues. first, fox news reporter works etroit and justrote, detroit, an american autopsy. an autopsy, one examines the dead body and tries to find out what killed him.
was born in detroit. best export, >> yeah. we had madonna from detroit and also tons of votes for kid rock. i mean music is a huge, huge part of detroit. and, of course, that's it for "way too early." "morning joe" starts right now. ♪ >> good morning, everyone. welcome to a special edition of "morning joe." it's thursday, august 29th. we're going to have a great time here in detroit. we're live from the ford flat rock assembly line. just outside of detroit in flat rock, michigan. and this is an active assembly line, about to get busier as the morning progresses. >> unbelievable news today, ford is actually returning the production of the ford fusion to this plant. >> big news. >> from mexico. it's a $555 million commitment and what does that mean? that means more jobs for americans. >> about 1400. >> great news. >> we're going to speak with ford ceo alan mullally and coo mark fields about this important investment in u.s. manufacturing and what it will mean for the overall economy. >> and we're here to tell the story of detroit as well as the city's bankruptcy, it's been in the news, it'
. >> you'll hear dreamers say we have to rebuild detroit and make it what it once was. it can't be that. there's only two auto factories left in the city limits. those jobs will never come back. what we have to do is create a new, different detroit with modern jobs, modern families, modern households. we'll never repopulate to 1.9 million but we could do better than 700,000. >> this morning it's a special live from detroit because as it teeters on the edge, it's also showing signs of life. >>> morning everybody. it is thursday, august 28th, we are live at the ford plant in flatrock, michigan. now they make the iconic mustang here that i drove in on and soon they'll add more than 1400 jobs to make this car, the ford fusion. it's right now being made in mexico but they are expanding it because it's so popular and they'll make them here. we'll talk a lot more about the auto industry here in detroit and the impact of motown music on the city. all that in a few minutes. but first, the latest on syria. the white house is forging ahead with preparations to launch some sort of attack and believ
and about with them today. >>> detroit's emergency manager downplays the city struggles we get the real store from the motor city. >>> reminder, don't forget to check out chris matthews at 7:00. too big. too small. too soft. too tasty. [ both laugh ] [ male announcer ] introducing progresso's new creamy alfredo soup. inspired by perfection. new creamy alfredo soup. cashback concierge, here. what is a cashback concierge? well there's lots of ways you can get cash back. i'm here to help you get the most out of your cash rewards. it's personalized, and it's free. i want that. we have a concierge! at discover, we treat you like you'd treat you. get the it card with cashback concierge. >>> social media has decided. here are this week's top trenders. >> they're not as bright, i don't care what they say. >> i fire the person that starts to purchase fluorescent light bulbs. stu, from you, i would like a memo that global warming is a pile of crap. >> glenn beck joins the anti-green team. >> the pigtail as we call it. we don't need the light bulb police umpts the energy-efficient, ugly and smelly
in cities. what does that mean? more skyscrapers and congestion? more detroit? we'll look at the upsides and the down sides of an ever more urban world. we've got a terrific battle that has some surprising ideas. >>> also, "les miserables." it turns out that the book by victor hugo is the all-time favorite novel of a middle eastern leader that the west counts as an enemy. i will explain. >>> but first, here's my take. we are watching a season of discontent in a world of young democracies, from egypt to turkey to brazil. protest marches and one coup. as we watched the turbulence around the world, i think about our own democratic journey and how interesting it is that the distinctive feature of the american system is not how democratic it is, but rather, how undemocratic it is. hear me out -- we have three co-equal branches of government. and the one with the final say on many issues, the supreme court is composed of nine unelected men and women. the american senate is the most unrepresentative upper house in the democratic universe, with the exception of britain's house of lords, which is
is the story with chicago? truly as bad as detroit or heading in that direction? >> economically not as bad a viable global city but their budget is a mess. $3 billion in taxes they collect, this year is the need to a $415 million for pensions and that is going to $1 billion in a year. this release the projection, that would be the third tax collection going in to pensions. this is something the state is mandating and they don't know how they can pay that. lori: you mentioned chicago economically in better shape. look at the baseball game where all those people to do a rod, more about that this afternoon but the underlying economy of chicago seems to have some growth potential. >> the economy there is okay and. nobody is really flying in this economy but here is the point, has not been economically declining of the way detroit is but their pension obligations are, their pension system is in worse shape than detroit's, detroit's system is considered an argument how well funded it is but they have four pension systems in chicago, one of them is only 25% funded and the other one is only 38% fu
of despair looms large over motown, detroit's next mayor will be former hospital chief mike duggin or the man we'll meet this morning, wayne county sheriff benny napoleon. august 27th, this is "the daily rundown." lets get to my first reads of the morning. secretary of state john kerry laid out an aggressive case for intervention in syria arking evidence of the largest chemical attack in decades is undeniable. the latest escalation with a steady drum beat by the united states and its allies, which is clearly a leadup to military action. >> the killing of women and children and innocent bystanders by chemical weapons is a moral obscenity. president obama has made clear to the outside regime that this international norm cannot be violated without consequences. >> it's an important phrase. you heard it a lot, not just from john kerry but jay carney, international norm, significant, ready for strike significant on three main tracks, one, intelligence community backing up conclusions the chemical attack was launched by the regime. that could happen as early as today. two, determination of a legal
the battle over detroit's books. unions say detroit city was too quick to file bankruptcy. who will win? we'll check in on the math. that is coming up with ashley webster who joins me the next hour of fox business. please don't miss it. my mantra? trust your instincts to make the call. to treat my low testosterone, my doctor and i went with axiron, the only underarm low t treatment. axiron can restore t levels to normal in about 2 weeks in most men. axiron is not for use in women or anyone younger than 18 or men with prostate or breast cancer. women, especially those who are or who may become pregnant and children should avoid contact where axiron is applied as unexpected signs of puberty in children or changes in body hair or increased acne in women may occur. report these symptoms to your doctor. tell your doctor about all medical conditions and medications. serious side effects could include increased risk of prostate cancer; worsening prostate symptoms; decreased sperm count; ankle, feet or body swelling; enlarged or painful breasts; problems breathing whilsleeping; and blood clots in t
the fusion in u.s. for the first time at a plant near detroit. they hired 1400 new workers for the plant which will produce 15,000 vehicles a year. that's 30% more than in mexico. >> and nintendo cutting the price on the wii u game console to compete with the xbox one and playstation 4. that's in time for the holidays. back over to you. >> don't you love talking about the holidays in august. >> there we go. >> thank you, jackie. speaking of minimum wage, four strippers filed a class action lawsuit in colorado federal court. they claim that their employer, fantasy gentlemen's club in grand junction violated federal and state minimum wage laws. >> ladies just want to get paid. and a delta 4 heavy rocket was launched on wednesday. the classified payload is believed to be $1 billion high powered spy satellite. >>> starbucks is selling a limited crystal incrusted tenth anniversary mug. it's going for $150. >> a popular television commercial selling insurance was the inspiration behind this florida business that brought nomad the camel to work. what's the occasion? well, hump day of course. i
. >> other playoff baseball the tampa bay rays lost to the angels. oakland beat detroit. braves won again and the pirates lost to the brewers. >> come on pirates. >> went 3 for 4, two rbis in my softball game. >> you laid down a couple doubles? >> i hit a couple, no one. >> did they bring out the respirator? >>> let's go to the u.s. open. 296th ranked victoria duval stunned samantha stoeser. it is her first win against a top 20 opponent. her family comes from haiti. her father was actually buried in the rubble in the earthquake three years ago and had to be dug out of the rubble. >> that's an incredible story. >>> more drama from the new york jets camp. the team signed former green bay packers quarterback. he was released after losing out to vince young in green bay for the number two spot. harrell expected to report with the team today. another quarterback joins on the jets roster. rex says he may not make anyone a starter until opening day, day of the game. bring in more quarterbacks. >>> still ahead on "morning joe" governor rick snyder joins us ahead of tomorrow's special show in detr
a lawsuit in court. that is my guess. charles: take it away. not happy with the detroit bankruptcy filing. they need to speak up today or hold their peace. holding back financial aid to egypt. do we need to cut off all of the money going to that country? a raspberry instead of blackberry. the movie about steve jobs came in second at the box office over the weekend. listen to this. some wood off to lease themselves rather than till death do us part. ♪ connell: off to a good start. raspberry instead of apple. we have to rush to the news here. dagen: eckerd over the weekend. we have it all covered. connell: first the markets. last week was a rough week for stock markets. >> the dow was down 2.1% last week. the worst week for the dow and more than a year. they spoke in apple shares. it is kind of casting over the market a little bit. retail continues a little bit. they reported their numbers for the quarter. very convenient that dollar general got an upgrade today. that stock is up. dagen: deadline day today in detroit. connell: let's bring in jason riley. they are saying is detroit really
points lower than june. detroit emergency manager apologizing after calling some of the city residents those names. and the nfl hit with another concussion lawsuit. 83 former players led by pro-bowlers. they say they are suffering long-term effects from brain injuries sustained during their playing days. and we're watching the market this hour of "markets now." ♪ connell: those headlines show you there is a lot going on-9 today. we will get to the mess in egypt in just a moment, but first, our market today with the selloff, seeing the biggest decline in a couple of months. nicole petallides starts us off on the floor of the new york stock exchange. nicole: you are absolutely right. the lowest point, the biggest move to the downside since june 20. down about 1.5% right now. back on june 20 the dow dropped over 2%, this is the biggest moving percentage terms since that time. you have a couple of names that are weighing on the do dow jones industrial, better-than-expected economic news. walmart and kohls are two names we are following closely. as well as cisco systems. walmart higher p
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in the detroit bankruptcy story. we have that and other headlines of the day just ahead on "the kudlow report." please stay with us. [ female announcer ] what if the next big thing, isn't a thing at all? it's lots of things. all waking up. connecting to the global phenomenon we call the internet of everything. ♪ it's going to be amazing. and exciting. and maybe, most remarkably, not that far away. we're going to wake the world up. and watch, with eyes wide, as it gets to work. cisco. tomorrow starts here. (announcer) at scottrade, our clto make their money do (ann) to help me plan my next move, i take scottrade's free, in-branch seminars... plus, their live webinars. i use daily market commentary to improve my strategy. and my local scottrade office guides my learning every step of the way. because they know i don't trade like everybody. i trade like me. i'm with scottrade. (announcer) scottrade... ranked "highest in customer loyalty for brokerage and investment companies." and then another. and another. and if you do it. and your friends do it. and their friends do it... soon we'll
. appreciated. >> detroit is now the largest u.s. city to file for bankruptcy it cannot match it -- manages self. >> were at the end of the road. we can borrow any more money. john: detroit was -- now in such a wreck. >> for $1,500 you could buy this house. john: for years politicians promised that they would fix detroit. >> detroit show again become the great city that is its destiny. john: instead. >> they turned city hall into a den of bribes and kickbacks making themselves rich. john: is there hope for places like detroit? >> it will turn around the city of detroit. >> the motor city. this is will we
to take advantage of that. today, the final day for organizations to file objections to detroit's bankruptcy filings. they must find that the city is insolvent and has negotiated in good place with creditors. if detroit is deemed eligible, it will be the biggest case in u.s. history. lori: in the meantime, president obama getting back to business. meeting with financial regulators about implementing dodd-frank peter barnes has the very latest. peter: that is just one of the latest things he has on his plate. very busy with things like egypt and syria. the president would like to keep the focus on jobs and the economy. foreign-policy issues may not let him do that. he goes on a two were later this week. congress is out on its regular august recess. he has a megaphone right now and he needs to use it while he can. >> every president in their second term, lame ducks get closer every day. the president is walking a fine line of where he is in that timeline. peter: the end of the fiscal year is september 30. they have not worked out a deal to fund the government. they are looking at
in detroit. let's bring in now, former governor of pennsylvania, and nbc news political analyst, ed rendell, also editor in chief of "parade" magazine maggie murphy. the latest issue of "parade" is a labor day report on putting america back to work. let's jump right into it now. manufacturing is returning, about five, six, seven years ago, you start ed realizing tha the cost of producing products in china were going up, the labor prices were going up with fuel costs up, shipping costs a lot more, companies in america started reorganizing. yesterday an extraordinary story about the uaw and ford joining arms, locking arms, 20,000 new jobs coming to detroit right away. i mean, things are really turning around. and you look forward over the next decade, it speeds up. we've got an energy boom coming. the likes of which we haven't seen in 100 years. it's going to get much cheaper to make products in america. >> it's going to get cheaper and the other thing along with companies and sort of the economics that it's good to grow some stuff here, consumers now connect by u.s. products, u.s. jobs. down
. in detroit -- what a show. >> it's where capitalism, pop culture, first amendment, politics all come together. sometimes there's a moment of clarity. that was that moment. >> i'm holding my script close to my face because i'm legal live blind and my contacts don't work right now. in detroit a police commander has mistakenly released a document -- >> oh, come on! come on! look at this. >> i'm going to the merger. go ahead. >> the police department has mistakenly released a document containing the bra size of several female officers in an of the to say who has received bullet-proof vests. come on. come on! >> now back to you. >> hello, san diego. >> hello, san diego. >> all right, we're going to -- >> i have to ask the question because i'm a journalist. >> are you? >> it's a vest. female vest. >> i regret all of this. >> i would like to go back to 6 a.m. east coast and rerack the tape. >> we also want to talk about possible fed choices and the obama care story. >> industry officials are surprised of the move that would prevent the creation of the world's largest airline. nbc's tom costello repo
and a few thought detroit was the exception think again, we are talking trillions of dollars of debt ended all comes down to public workers' pension. alex rodriguez will still take the field, he can think unions and collective bargaining and youth unemployment, don't worry, you can stay home with mom and dad. all that and more on a fresh hour of "varney and company". let's check the big board. we have been down 56 points. one of our big things today, the question is profits, can they keep pace with stock prices. liz: the bulls are seeing corporate earnings have to pick up steam for the market to charge even higher, we are looking on track for 4.7% growth in the second quarter and analysts expect 4.8% profit growth in the third quarter, ten.7 in the fourth. peaceably like we have seen in june, the june swoon the past three summers we see a juice. you can see a solution we are not seeing it yet, the market is up 1% for august. charles: i got to tell you so the audience knows, not manufacturing data from the service part of the economy which is obviously the overwhelming part, 56, the street
, superheroes team up and head to detroit. batman, superman bringing millions to the motor city. but can they save the city in the brink? >>> and back in the saddle. ryan vickers return to the saddle after a brush with death. cnn "newsroom" starts now. good morning. i'm carol costello. thank you for joining me. a coalition to support military strikes on syria appears to be unraveling as a key ally backs away. britain's refusal to take part "the british aren't coming." the british aren't laughing. cnn's atika shubert is live in london. >> reporter: good morning. "cam down" from "the sun" and humiliated, "no to syria strike." and that's the main word throughout the headlines here, is humiliated. basically, it was a resounding defeat. there was a lot of emotion and anger in the house of commons, particularly directed towards opposition labor leader. you saw in "the independent," there was an expletive background to one reporter about the vote and what happened. and for that reason, there was a lot of anger in parliament last night. there were shouts of resign and shame. in the end, prime mi
to avoid a detroit. >> i hea teachers accused of horrible things, they can't get fired, they have to set in a rubber room, i would fire them, let them sue me if i broke the contct, let them sue me for getting a child molest o molestf the city payroll, i am prepared to deal with that, there is hardly a politician today that could get elected without having to make a promise. neil: look at new york, one of the priest teen cities in -- pristine cities, this is the best we could do for candidate >> i agree. neil: so why condition guys like -- can't guys like you, bloomberg said i don't like the way it is going, why not you? >> i am a private person, i am doing this interview, i have turned down a lot. neil: i know, i appreciate it. >> i don't like going on television. >> you are good at it. >> i don't know about that. i want my private life, i don't want to be out in the public. neil: it is a hassle, that is the problem. >> i would love to be. neil: i talked with a lot of successful guys they say look at stuff theyel any on and focus on --el any onel dwell on. >> i would love to be mayor if
? detroit, you got company, and unions, i think you peace of mind is important when you're running a business. century link provides reliable it services like multi-layered security solution to keep your information safe & secure. century link. your link with what's next. 72 who says that detroit should have all of bankruptcy fun. neil: san bernardino, california, not far behind, city wants to crackdown on union benefits now way out of line, so out of line that city fears without the filing it will be finished, michelle fieldses said better to cramp down on unions now for their own sake as well as taxpayers sake. stuart acuff disagrees and said that the workers were promised their pensions, michelle, you think they have to do this now. >> any decision that takes power away from the union is a good decision, san bernardino was originally i middle class nice area, has turned into tons of foreclosures, and tons of poverty, the reason has to do with unions they got involved in the city council elections they put tons of money to ensure that union-backed piticians got elected and made s
. in detroit, it's speak now or forever hold your peace. today is the deadline for written objections to detroit's bankruptcy filing. wdiv's rod maloney is in the motor city with what's on the line. rod, good to have you. >> reporter: thank you, maria. i'm glad to be here. you know, it's one of the things where tonight at midnight, anybody who objects to the bankruptcy filing by the city has to do that. so, in fact, this morning, a large group of detroiters got together out in front of the bankruptcy court here, from the national action network, reverend al sharpton organization, and they started out filling paperwork and submitted it to the bankruptcy court today. it showed up in the filing. along with them were a lot of other creditors looking to try and derail this process. and what many people don't understand about municipal bankruptcy is that you can't just file and then you are in bankruptcy. it is a qualification process. and so, what they're doing here is they're making their objections known to the judge, telling him that they don't think this is a right or constitutional pr
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less for you. big thunderstorm complex diving down towards michigan. get ready in detroit. 6:00 to 7:00 a.m. in detroit. rain and thunderstorms heading your way. unsettled in new england. look at the middle of the country. this is as hot as it gets for this time of year. >> summertime still in effect. thank you, bill. >>> concerns over syria push stocks below the 15,000 mark and could cause gas prices to rise. >>> plus, a measles outbreak is causing major concerns. you're watching "first look" on msnbc. if you're seeing spots before your eyes, it's time for aveeno® positively radiant face moisturizer. [ female announcer ] aveeno® with soy helps reduce the look of brown spots in 4 weeks. for healthy radiant skin. aveeno®. naturally beautiful results. aveeno®. nascar is ab.out excitement but tracking all the action and hearing everything from our marketing partners, the media and millions of fans on social media can be a challenge. that's why we partnered with hp to build the new nascar fan and media engagement center. hp's technology helps us turn millions of tweets, posts and sto
: i have to ask you about detroit your city -- company is fond of the city you have a bright shiny new buildings so what does detroite do to make it out of the bankruptcy? >> there's been a lot of great things happening and we have been involved with that over the last two or three years to invest in the city. prate investment is tt the all-time high. that is certainly difficult but it is long overdue that this happened so we have to address the problems of this city in the bankruptcy is difficult but it is giving us the opportunity to deal with legacy issues to come out the other side. we have to get through the bankruptcy process and that will take ti but as we look at this we're bullish on the saight that they have great balance and great infrastructure to have our renaissance like it deserves gerri: great's information we appreciate you coming on. , back. >> my pleasure. i am happy to come back. gerri: a lot still to come how to turn your part-time job into full-time and the theyre sending college but what about loans for day care? i am not kidding. we will talk about it. next. ger
detroit, america is in big trouble. that's our show. see you next week.dends to watch, and have a great night. lori: a very good evening thank you so much peer being with us, i am lori rothman in for lou dobbs. >> obama administration making its case for taking military action against syria, briefing lawmakers about their conclusion that syria government carried out a large scale chemical weapons attack, tonight we speak with fox news military analyst, general jack king on whether the president is justified in takes action. even without the backing of allies or the united nations. >> and questionsemain about our involvement in libya. and the terrorist attack in benghazi, we'll talk with larry ward, a group of special operation veterans who are calling on house speaker john boehner to create a appreciate committee to -- special committee t investigate the attack. >> and administration refusing to enforce a law it does not like, now giving states green light to adopt regulation legalizing small amounts of marijuana, dobbs lawakes up the case with our attorneys, ww begin with new o
on the wall. first detroit, next chicago? a billion dollar budget shortfall by 2015. what's next for chicago? we'll deal with them next. ♪ announcer: where can an investor be a name and not a number? scottrade. ron: i'm never alone with scottrade. i n always call or stop by my local office. they're nearby and ready to help. so when i have questions, i can talk to someone who knows exactly how i trade. because i don't trade like everybody. i trade like me. that's why i'm with scottrade. announcer: scottrade- proud to be ranked "best overall client experience." >> this is a very low volume wednesday in the first part of august and the market is down 57 points. how about the price of gold? fell below he 1300 recently and still below 1300. 1283 is the quote now. dead flat. look at disney. it is the biggest loser on the dow, why? well, losses from its flop film. lone ranger is hurting them. plus, disney is coming off a high and it's down near 3%. i've got troubling news on chicago's financial problems, the city is predicting a $1 billion shortfall by 2015. john tillman from the illinois policy
pleasure. lori: gerri willis will talk with bill emerson from detroit. he runs the long largest online mortgage lender. "the willis report," 6:00 and 9:00 p.m. adam: americans can't get enough of "sharknado." the campy movie is twitter sensation, so much so sci-fi launch ad contest to name the sequel. after 5000 title submissions, the winner is, are you ready for this? "sharknado" 2 the second one. look out shark fans, a storm is coming to your tv next summer. lori: can't put your finger on why, but that movie is an absolute sensation. adam: like the old american international films from the '60s that they used to run on tv, sci-fi films real low budget and made no sense and they make a gazillion dollars. with all the sharks and agents in los angeles, you would think sharks would be out there. lori: there was a shark on the subway in new york. that was little scary. adam: picture of kids found it on the beach and took it on the n train i think. lori: absolutely. more on "sharknado." when sleeping on the job might be a good thing. a company that has employees living and working together
games in the ongoing investigation, and among those, texas rangers right fielder cruz, detroit shortstop, and still no word on yankee's star alex rodriguez. adam: embassies authorized to open by the state department after they were closed sunday because of a threat from al-qaeda. nineteen posts, however, remain closed as a result of what the state department calls an exercise of caution. back in the united states, no suggestion that new york city faces a direct threat. the nypd made no changes, even as the department of homeland security beefs up its presence at airports and train stations. fox news middle east and terrorism analyst joining us with the latest development. i got to let you know, i'm going to bring something into the discussion, you know, the price of oil is actually falling right now, indicating that at least investors don't seem as concerned as the u.s. government. is this a false alarm? i mean, we have members of congress saying it was a cred l -- credible threat. >> look, the financial world is always concerned about the financial root, the financial structures, so if
donald's and other fast food chains. >> i was with them in detroit. >> you were probably out there with them. >> yes, i was. >> you were in detroit. they are pushing for higher wages because you were there and you know. they like the 15 dollar an hour mark there. no major changes yet because that was not the first strike. do you think a bigger change might be happening in the future? >> absolutely, richard. the thing that i've noticed is more and more government officials are joining these workers on the picket lines. we have had clergy, a lot of clergy with us that have been with these workers from the beginning in detroit. >> when will this break, though? >> i think that's a question that when you look at history, there's always been change. henry ford decided to make the five dollar day possible when nobody thought that was what autoworkers should earn. we have had janitors and security officers that were in minimum wage jobs that are now in living wage jobs because they joined together and said, we need to bargain with our employers to have wages that make sense, both for the employer and for wo
levin. when are you moving? chicago is getting a lot like detroit. when are you moving? >> i am not moving anytime soon. a lot different than it is run better. it is in trouble like every state in the nation, but no shape like detroit. you want to be here in the summer in chicago. if i moved, i would probably move in the winter. stuart: it is a friday morning and summer. i see people ripping up contracts behind you and chucking it behind you. larry, the fed is still all about when ben quits or reduces printing, isn't it? >> where the dallas fed president the last couple of days talk about how complicated of a situation this is. that is looking the market little bit but not a whole lot. the stock index trading bejg me still sitting at all-time highs. wwe're thinking but when is bernanke going to be talking about it. that is when the market will really get spooked and lose a lot of ground. stuart: thank you very much, indeed, out there in chicago. the opening bell is ringing. we expect the (to be lower, and it is. this will be a slow trading session, a thin market, thin
,000 people. time to gather around the watercooler. lewis is fresh back from detroit. you had to give the car back. >> i was crying all night last night. let's start in japan where their take on candid camera is not for feint of heart. take a look. >>> that's unbelievable. i don't know what i would have done there. there's some new criticism of miley cyrus performance and coming from an unexpected source. the man they say created the original number one hand is joining the chorus, steve trammell said she took an honored sports icon and degraded it. he came up with the number one finger to support his high school basketball team back in 1971. y don't know about you, but i think can we take a dog in the street fight. this video shows you otherwise. you see there the dog is obviously the aggressor. this grate dane chased down the kangaroo. they face off in a swamp. i expect this to be a one sided affair but the kangaroo just takes that dog. it's unbelievable. the kangaroo had one may have advantage arms and a great boxing stance. you can see it. using them to keep the dog at bay. now i know why
's creating a lot of buying opportunities. >> texas isn't detroit. but does detroit have any impact on what was happening with that muni bond? >> i think it is, it is scarying investors. it's very tough to be a retail investor in a lot of these markets right now. because you don't have the visibility. you mentioned the detroit situation. that's going to be interesting. the thing that's going on in california also, there is a lot of things set about who has priority in these cases. >> are you talking specifically the town considering taking back through em90 domain? >> that's not really what i'm talking about. it's more about the fight between the pensioners and the hoerlsd and the rest of the players in these situations. >> it could happen on a federal level. you are talking a 30-year bond. it's a long time to hold out. >> definitely. at 10%. that's a crazy number. so the that any sort of normalization of these markets will see those, a nice inflation and total return in a i'm in like that. so we like those things. there are more and more of those popping up on our radar screen every
're going to see that -- >> in detroit. >> stop it. >> women. it's just going to be horrible. >> all right. >> how can you make cars when you're doing that? it's now -- it's now an industrial problem, willie. >> all morning -- >> why do you think the japanese are beating us? >> miley cyrus. >> miley cyrus. >> we're actually going to take an in-depth look at the causes of the financial crisis that gripped the city and the innovators who were working to dig it out. coming up today on "morning joe" -- >> and twerking. >> stop it. >> chris mathews will be joining us along with the "washington post" david ignatius, financial times gilleyen tett and dr. nancy schneiderman. up next the top stories in the politico playbook. bill karins with a check on the forecast. >> good morning. as far as the rim fire went in california yesterday, firefighters got a little bit of control. not a lot. we went from 7% containment to 20%. it's still threatening the drinking supply, the reservoir that supplies 80% of the water to san francisco. worried about the ashes contaminating the water as the fire continues to
an asset price bubble. you can't get off that ride, unless you're moving to another country. >> or detroit where you can still pick up a house for $10,000. but then you're not in -- as you point out, people make housing choices on schools, economic opportunities, jobs. >> let me ask you this. when we looked at the disparities in subprime loans, 2006, 30% of these loans went to women. much likely men to get subprime mortgages. even high-in come african-american borrowers were likely to get subprime mortgages than white borrowers. was that about being a bad decisionmakers, women aren't good with their money or are we seeing targeted behaviors and those behaviors are still unaddressed? >> additionally these lenders targeted elderly african-american women with high equity in their homes. when they perfected this whole process of scamming people out of their equity, they rolled it out to communities of color, primarily african-american communities, because they didn't have enough people who spoke spanish to hit that community. they hit the spanish community later. but it was a targeted theft of
and more than half of the company's 1.3 million u.s. employees are on its health care plans. >>> in detroit a federal judge moved up the a hearing on the city's eligibility for bankruptcy. instead of october 23rd, egin on september 18 to determine whether detroit is insolvent and if the city negotiated in good faith with its creditors. >>> texas is home to four out of top five cities for u.s. business. baltimore was fourth and hughes to infifth. rankings are based on growth rates, local taxes and regulations. >>> that's the latest from the fox business network, giving you the power to prosper. lori: who wants to intentionally step on broken glass when you go to the beach? well some florida beach communities are actually talking about putting it in the sand. joining me now from miami beach is fox's phil keating. hi, phil. >> hi, there. down here in florida, sand is is like gold. it draws millions of tourists every year which contributes $70 billion to the state's economy. believe it or not because of erosion constant along the coastline, you can see it with the three or four foot drop down t
-free municipal bond, but does detroit give you cause for concern? and other cities across the country that are in similar condition? >> well, i wouldn't touch the cities. you've got to do your homework. so, cities, whether it is harrisburg or detroit or stockton, california, they're are a number of cities you've got to get under the hood and look at the credits but if you look at the highest grade, quality tax-free bond today, they're out there with the yields between 4 and 5% and they're not city credits. they're not detroit's. when that analysis is done, at our present tax structure the taxable equivalent yield is about nine. where are you going to get nine in a liquid investment of very high credit quality? i don't see very much of it. so we shifted allocation to tax-free bond. ashley: very good. do your homework. always good advice. david kotok, thank you so much for joining us. we appreciate it. >> thank you. lori: let's take a specific look at the market because the gains thus far are evaporating slightly. lauren simonetti joins us from the floor of the stock exchange. you're wa
are from the same hymn sheet. i do want to talk about how new york could become detroit, this would be the first giant step toward it. stuart: if i were voting, it would be christine quinn amazing enough. at least she would keep charter schools going. charles: exactly. stuart: this guy built a company from the ground up. a real american success story. london liquidators. talking to ceo, tom sullivan. one of charles payne favorite picks. mr. sullivan is coming up. ♪ make it happen with the all-new fidelity active trader pro. it's one more innovative reason serious investors are choosing fidelity. get 200 free trades when you start using active trader pro today. then you'll know how uncomfortable it can be. [ crickets chirping ] but did you know that the lack of saliva can also lead to tooth decay and bad breath? [ exhales deeply ] [ male announcer ] well there is biotene. specially formulated with moisturizers and lubricants, biotene can provide soothing relief and it helps keep your mouth healthy, too. [ applause ] biotene -- for people who suffer from dry mouth. folks have suffer
with more from detroit. >> there are tens of thousands of abandoned homes like this one across the city. that has led to increases in crime, decreases in property value and a drain on precious city dollars. the goal of the new initiative is to take these abandoned homes and in turn, decrease foreclosures, rebuild neighborhoods by making them look like this. >> stay away and will be shot. sounds like a common sight in neighborhoods all across the motor city where there are more than 78,000 abandoned homes, most of them fall out from the housing crisis. morrison 30 of those are on robert couch's small street and are magnets for swatters, scrapper's and criminals. >> let the community down, it is no community, we do what we can put neighbors can't do it by themselves. >> help is on the way in the form of wrecking balls and dump trucks. in a first of its kind program michigan is taking on detroit's foreclosure crisis and attempting to stabilize its neighborhood by demolishing 4,000 abandoned homes across the city calling it the largest ef history. >> by eliminating the blight in a neighbor
of civilizations that have gotten into trouble. in detroit, people are wondering, do we have the same problems that crop up here? >> we are. we can fix them. basically what happens to a great power when it stumbles, its politics don't keep up with economics. it was true in rome and china, otoman empire. true today, our problem is the debt crisis. >> the debt crisis and some people would say entitlements. you have to look at that. republicans are saying that. >> at the federal level. itself the core of it. the nation is on an unsustainable path. with key fix this. we request get our mojo back, growth back, tomorrow, not today. >> what do we have to do? >> we need to get on a glide path to slow entitlement programs and bring down government spending and debt overtime. with decan do it in a way that's aggressive or gradual. we have to start now. >> i look at what was happening in detroit. is this a situation when you don't take action, this is where you wind up? are there other municipalities set up in a similar way or is detroit unique because of the huge numbers of people who have left? >> well
the challenges in front of detroit. >> yes, that was really good. that was really good. >> very nice work. >>> speaking of the consumer, kelly evans talked about it on the i yesterday. >> morning, yeah. >> not your father's volatility is the joking reference here but, in fact, there's quite a bit of important things happening below the surface. gdp report which showed 2.5% growth, critical. what we need to see is that kind of performance repeated in the second half of the year to support interest rates at these levels. look at what's been happening with regard to where we've seen more of the action lately. not in the stock market so much, and we can see the narrow trading ranges we've been in. the vix hasn't gone anywhere. the story is about the volatility, guys, in the bond market. there's a term for this that the fed uses and has been focused on lately. it's called term premium. the fact that we've moved on the ten year. the key interest rate which determines everything from mortgages to speaking the cost of finance across the economy, the fact that that's gone from below 1.7% to almost
detroit. >> right. >> well, detroit is a great symbol of failure. anyway, thank you, glenn thrush. thanks for giving us the idea for the piece. what he is going took tomorrow about economic inequality, not just racial inequality. >>> up next, bachmann's stand. we're talking about michele bachmann. a new ebook just came out. more trouble for her. her staff is in revolt. even her own people on coming out against her on her way out. this is "hardball," the place for politics. ols... polly wants to know if we can pick her up. yeah, we can make room. yeah. [ male announcer ] space. yes, we're loving this communal seating. it's great. [ male announcer ] the best thing to share? a data plan. at&t mobile share for business. one bucket of data for everyone on the plan, unlimited talk and text on smart phones. now, everyone's in the spirit of sharing. hey, can i borrow your boat this weekend? no. [ male announcer ] share more. save more. at&t mobile share for business. ♪ [ crisp crunches ] [ rumbling ] [ crisp crunches ] whoo-hoo-hoo! guess it was. [ male announcer ] pringles, bursting
, to seattle, to boston, to milwaukee, to wilmington, to detroit, to charlotte, the largest city in a right-to-work tate in the south. today's demonstrations are an indication of just how the movement has grown over the last several months. a first week on this show, we covered a one-day fast food worker strike then being called the biggest job action ever in that industry. then last month, more than 2,000 fast food workers went on strike in seven cities including chicago, st. louis, kansas city, missouri, flint, michigan, new york, milwaukee, detroit. not only has the movement grown, but it has captured the national imagination. >> $15 an hour. what do they think, those arches are made of gold? >> earl eaier today we reached to several companies to see if they had anything to say. i'd very much like to discuss the issue with the representative of any of them. less than a handful responded. mcdonald's issued a statement. "mcdonald's aims to offer competitive pay and benefits to our employees. it will be business as usual for us." folks at burger king told us their restaurants provided an en
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